HARBOUR BOARD FINANCE.

Wanganui Chronicle, Volume XLVII, Issue 12270, 2 September 1904, Page 2

HARBOUR BOARD FINANCE.

To th«i Editor

Sir ;! —If Mr. Willis would use his . knowledge in assisting, instead of retarding and raising o!bj ection®, niy opinion ds that the Board would 'be in quit© a different position, to-day. I claim no special knowledge, but Oiave mademyseM conversant with tha Board's financial positon, and view the question* from a 'business standpoint only. Mr. Willis knows, or should know, that the Board cannot borrow without the authon.ty of Parliament. What objection 3oes he raise to our making the attempt to get that authority? Simply that the Standing Orders of the Local Bills Committee require certain data. Those, in my opinion, can easily be supplied. Now, with regard to our securities, he says we (have sold our splendid endow, meaat (I presume he takes credit for this splendid bit of finance). A perusal of our balance-sheet will disclose the fact that our revenue to-day from wharfage exceeds the revenue at the time- the £60,000 loan was raised, plus the £2000 received from the Bridge tolls, and to have -£1000 per annum, additional revenue now from rents from endowments. These axe not paper, but adsolute values. It may not be generally known ithat the Board 'borrowed £10.000 (in addition to the £60,000), which has sincebeen repa'd. I 'believe most m-emibers of the Board consider our securities gilt-edged for a sum of £60,000. The foregoing facts dearly show the staibility of tibo Board's finances- It should not be difficult to estimate.the probable increased revenue. Mr. Willis draws attention to the a.dvice given by the Board solicitor. Whi'leho (the soiliqitor) clearly pointed out what was necessary to T>e done, he said it was no part of his duty to direct the Board as to its finances. Then, with regard to our bankers, the Finance Comoniitt&e entirely ignore their

advice, as? is shown by their report. A ■CaU neb Minister, in conversation a few d'aya ago with a Wawganui resident, aaksd, Whsn do you propose to proceed with your harlbour improvements, as the present inaction of the Board is na. tardiing the progress of the district? This should give an indacatron of the feeling of Partament on this all important question.—l am, etc., T. BOSWELL WILLIAMS.